Breaking #Solar #Stock
News-Solar Integrated Roofing (OTC: $SIRC) Signs Letter of Intent to Acquire
Established #HVAC Solutions Provider @SIRCStock
EL CAJON, Calif., November 10, 2020 -- Breaking renewable energy stock news from Invesstorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has signed a non-binding Letter of Intent (LOI) to acquire a California-based provider of Heating, Ventilation, and Air Conditioning (HVAC) solutions to residential and commercial properties.
Read this news
featuring SIRC in full at https://www.investorideas.com/news/2020/renewable-energy/11101SIRC-HVAC-Solutions-Provider.asp
The
target company is a leader in HVAC installation in California with over 15
years of experience. The company has an extensive new product line including an
Ultraviolet (UV) lighting system that can be installed within heating and
cooling systems, sanitizing air as it passes through the filter system. The
system is expected to kill certain airborne pathogens that transmit illnesses,
such as COVID-19.
“This
company is an example of the type of strategic, accretive acquisitions we will
continue to pursue – leveraging our expertise and infrastructure to achieve
profit growth through our integrated platform,” said David Massey, Chief
Executive Officer of Solar Integrated Roofing Corporation. “We view this
potential acquisition as an effective way to increase penetration in our
existing markets – as most of our solar clients purchase air-conditioning
systems at the same time as solar and roofing – making this is a natural fit
and is highly complementary to our existing business. The Company generated
over $3 million in revenue in FY2019 and cross-selling opportunities presented
by this potential acquisition alone could potentially increase our revenue run-rate
by 25%.
“We are
particularly excited by the target’s product mix, including a timely and
effective UV lighting system to purify air in homes and businesses – an
important consideration in the age of COVID-19. I look forward to working with
the target company to close the acquisition in the near-term,” concluded
Massey.
Closing
of the acquisition is subject to final due diligence, negotiation and execution
of a definitive purchase agreement and all necessary approvals.
About Solar
Integrated Roofing Corp.
Solar Integrated Roofing Corporation
(OTC: SIRC), is an
integrated, single-source solar power and roofing systems installation company
specializing in commercial and residential properties in the Southern
California market. For more information, please visit the Company’s website at www.solarintegratedroofingcorp.com.
Forward-Looking
Statements
Any
statements made in this press release which are not historical facts contain
certain forward-looking statements; as such term is defined in the Private
Security Litigation Reform Act of 1995, concerning potential developments
affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. The actual results of the specific
items described in this release, and the company’s operations generally, may
differ materially from what is projected in such forward-looking statements.
Although such statements are based upon the best judgments of management of the
company as of the date of this release, significant deviations in magnitude,
timing and other factors may result from business risks and uncertainties
including, without limitation, the company’s dependence on third parties,
general market and economic conditions, technical factors, the availability of
outside capital, receipt of revenues and other factors, many of which are
beyond the control of the company. The company disclaims any obligation to
update the information contained in any forward-looking statement. This press
release shall not be deemed a general solicitation.
Investor
Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North
America
Main: 949-259-4987
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